yad okaḥ sarva-bhūtānāṁ
mahī magnā mahāmbhasi
asyā uddharaṇe yatno
deva devyā vidhīyatām
yat - because; okaḥ - the dwelling place; sarva - for all; bhūtānām - living entities; mahī - the earth; magnā - merged; mahā-ambhasi - in the great water; asyāḥ - of this; uddharaṇe - in the lifting; yatnaḥ - attempt; deva - O master of the demigods; devyāḥ - of this earth; vidhīyatām - let it be done.
The great water mentioned in this connection is the Garbhodaka Ocean, which fills half of the universe.